VA Law
After the Board has issued a license to a salesperson or associate broker: A. the license is maintained in the possession of the salesperson or associate broker B. the salesperson will display the license in a conspicuous place where employed C. it is displayed at the office where the salesperson is assigned D. it is displayed at his or her principal broker's main place of business
D. it is displayed at his or her principal broker's main place of business
All real estate advertisements placed by a real estate firm must: A. be under the direct supervision of the principal broker B. be in the name of the firm C. contain in electronic advertising, the require disclose and that disclosure be no more than one click away D. all of the above
D. all of the above
A licensee who has had his or her license in inactive status for more than three years will have to do which of the following to activate his or her license? A. meet current educational requirements and pass the state portion of the real estate exam B. meet current educational requirements and have completed continuing education within the past two years C. sign a consent to suits and services D. complete eight hours of the Continuing Education course
B. meet current educational requirements and have completed continuing education within the past two years
The owner of residential real property located in any locality in which a military air installation is located shall disclose to the purchaser: A. what time the airplanes land and take off B. whether the subject parcel is located in a noise zone or accidental potential zone or both C. what kind of aircraft are located at the air installation D. if a plane has ever crashed at the air installation
B. whether the subject parcel is located in a noise zone or accidental potential zone or both
When a payment is made from the Virginia Real Estate Transaction Recovery Fund due to the improper activities of a licensee, it results in: A. suspension of the respondent's license B. no action by the board if repaid within 30 days C. revoking the license of the licensee named in the complaint D. a fine not to exceed $2,000
C. revoking the license of the licensee named in the complaint
Which of the following is true regarding a branch office of a Virginia real estate firm? A. the branch office must maintain an escrow agent B. the branch office may be managed by a broker or salesperson C. the branch office must have a separate license D. the licenses of all salespersons assigned to that particular office will be displayed
C. the branch office must have a separate license
Which of the following is true relative to possible violations of the Virginia Fair Housing Law? A. the burden of proof is on the complainant B. a licensee who violates the law will have his or her license automatically revoked C. the burden of proof is on the defendant D. all fair housing complaints must be filed with HUD
C. the burden of proof is on the defendant
When the Board receives a complaint against a licensee, in writing, the first thing it does is: A. conduct a hearing to allow the licensee to defend himself or herself B. suspend the respondent's license C. to investigate to see if the complaint is a possible violation of license law or Board regulations D. advise the licensee of the charges
C. to investigate to see if the complaint is a possible violation of license law or Board regulations
A real estate salesperson who obtains an active license as a nonresident of Virginia would have to do which of the following? A. post a bond with the Department of Professional and Occupational Regulation B. move to Virginia within six months of licensure C. establish an escrow account in Virginia D. affiliate with a licensed broker in Virginia
D. affiliate with a licensed broker in Virginia
The owner of the residential real property shall furnish to a purchaser a residential property disclosure statement for the buyer to be aware of certain matters that may affect the buyer's decision to purchase such real property. Such statement shall be on a form provided by the Real Estate Board on its website. The disclosure statement shall include statements that the owner makes no representation with respect to: A. the Chesapeake Bay Preservation Act B. information on sexual offenders C. parcels adjacent to the subject parcel D. all of the above
D. all of the above
Verne has been licensed as a broker in Virginia since 1970. Which of the following statements is NOT true. A. Verne is exempt from the continuing education requirements by virtue of the "grandfather" clause associated with the regulation B. he may also sell insurance C. he may be licensed in more than one legal real estate entity D. he may be employed by another broker
A. Verne is exempt from the continuing education requirements by virtue of the "grandfather" clause associated with the regulation
When Sally passed her license examination, she immediately applied for her license and places it on inactive status. When Sally is ready to start to work in real estate, she must: A. retake the licensing examination B. complete a 15-hour supplemental real estate course C. pay a fee to activate her license and meet educational requirements D. advise the Board of her intent and request her license be sent to her
C. pay a fee to activate her license and meet educational requirements
The initial purchaser of a condominium has how many days to cancel the contract without penalty: A. 5 calendar days B. 3 calendar days C. 10 calendar days D. 15 calendar days
A. 5 calendar days
The Virginia Property Disclosure Law's reference to the sexual offender's registration is also known as: A. Megan's Law B. Jane's Law C. Adam's Law D. Betty's Law
A. Megan's Law
Under certain circumstances, the Board may grant reciprocity to a person applying for licensure. In the Virginia License Law, reciprocity means: A. a broker may be granted more than one Virginia License B. the Board may waive part of the pre-licensing requirements necessary to obtain a Virginia license C. a broker, licensed in another state, may operate as a salesperson in Virginia D. a salesperson or broker, licensed in another state, may handle up to six transactions (listings or sales) without obtaining a Virginia license
B. the Board may waive part of the pre-licensing requirements necessary to obtain a Virginia license
When a claim is paid from the Transaction Recovery Fund, which of the following statements is true? A. the respondent must post a bond in order to continue the practice of real estate brokerage B. the claimant surrogates his or her rights to the Board to the extent of the claim paid by the Fund C. no claim may be filed for less than $10,000 D. the respondent must repay the Fund within 30 days
B. the claimant surrogates his or her rights to the Board to the extent of the claim paid by the Fund
A broker, representing a buyer, has presented an offer for property listed by another broker. Proper agency relationship disclosures have been made. Prior to offer acceptance, the selling broker learns of a zoning change that will have an adverse impact on the property. The selling broker advises his buyer and the offer is withdrawn. Which of the following statements is correct? A. the selling broker has violated his fiduciary relationship with the seller B. the selling broker has acted properly under the law C. the buyer may not withdraw his offer D. disclosure of this information violates Board regulations
B. the selling broker has acted properly under the law
If a broker represents more than one party in a real estate transaction, without the full knowledge and consent of all parties to the transaction, it is: A. acceptable as long as everyone is treated fairly B. an everyday occurrence because this is exactly what happens when a broker sells his or her own listing C. grounds for suspension or revocation of his or her license D. acceptable, only if the broker has an ownership interest in the property
C. grounds for suspension or revocation of his or her license
Martin operated his own brokerage business until he passed away unexpectedly. The Board appoints his daughter, Sue, to operate the business for 180 days. During this period of time, Sue: A. will be issued a temporary license by the Board B. must hire a licensed broker to operate the business C. may try to find buyers for any listing that is on the books of the brokerage D. can only do whatever is necessary to conclude the business affairs of her father
D. can only do whatever is necessary to conclude the business affairs of her father
If a contract of sale is not consummated, how are the escrow funds disbursed? A. by the settlement attorney with permission of the parties B. by the broker, with the permission of the seller C. by the Board D. in accordance with the terms of the contract, if neither party files a written objection, after proper notice
D. in accordance with the terms of the contract, if neither party files a written objection, after proper notice
Under which of the following circumstances could a salesperson conduct a closing of a real estate transaction? A. if an attorney has prepared the papers B. when supervised by the principal broker C. when assisted by a licensed CPA D. salespersons may not conduct a closing, ever
D. salespersons may not conduct a closing, ever
If a principal broker has been found guilty of violating the Board regulations and as a result, her license is suspended, what effect does this have on the associate brokers and salespeople affiliated with this broker? A. all affiliates will be required to retake the license exam B. their licenses will. also be suspended C. is has no effect D. their licenses must be returned to the Board
D. their licenses must be returned to the Board
Board regulations require that a broker must return the license of any affiliate in all of the following situations EXCEPT: A. upon request of the licensee to transfer to another broker B. upon request of the Board C. upon revocation of the principal broker's license D. when the association broker or salesperson refuses to accept floor opportunity time
D. when the association broker or salesperson refuses to accept floor opportunity time
An associate broker may be licensed with more than one Virginia brokerage firm or sole proprietorship under which of the following circumstances? A. with the knowledge and permission of the seller B. with the written permission of his or her sales manager C. with the permission of the local association of REALTORS D. with the written consent of the principal brokers represented
D. with the written consent of the principal brokers represented
If the Board authorizes payment from the Transaction Recovery Fund, the claimant surrogates his or her rights to the Board. The Board now has the right to: A. revoke the respondent's license, as provide in the law B. sue the licensee to recover the amount of the judgement awarded the claimant, by the court C. sue the licensee to recover the amount of the claim paid D. sentence the licensee to a prison term of not more than 12 months
A. revoke the respondent's license, as provide in the law
According to the Virginia Landlord Tenant Act: A. security deposits are to be refunded, in whole or in part, within 45 days following termination of a lease B. the owner must inspect the property within five days of termination of the rental agreement C. any tenant violation of the rental agreement must be corrected within two days after notification D. the owner of an apartment building, consisting of 4 units or less, is exempt from the Act
A. security deposits are to be refunded, in whole or in part, within 45 days following termination of a lease
One day after an exclusive right-to-sell listing agreement has expired, a salesperson who works for the listing broker, buys the property. Which of the following is true in this situation? A. the salesperson must disclose, to the seller, his or he license status B. disclosure of license status is not required because the listing had expired C. disclosure of license status is not required if the listing broker approves D. such action is prohibited by statute
A. the salesperson must disclose, to the seller, his or he license status
If a broker opens a branch office in Virginia, which of the following is true? A. upon request, the Board will issue a branch office license B. a salesperson with three years experience can manage the branch office C. the names and addresses of all licensees assigned to the new office must be submitted to the Board D. the broker must assign at least one salesperson to that branch office
A. upon request, the Board will issue a branch office license
Board regulations require that complete records of real estate transactions: A. be retained by the broker indefinitely B. be sent to local REALTORS association C. is subject to audit by Board investigators at the broker's place of business D. be maintained in a safe deposit vault of a federally insured financial institution in Virginia
C. is subject to audit by Board investigators at the broker's place of business
A licensed real estate salesperson may receive money or other valuable consideration for services rendered in connection with property management from: A. relatives or friends B. the property owner he or she represents C. any licensed broker D. his or her employing broker
D. his or her employing broker
A firm advertising property for sale must include: A. financing options B. name of the listing salesperson C. selling price of the property D. name of the firm
D. name of the firm
Art decides to transfer from XYZ Realty to ABC Realty. What must Art do to effect the transfer? A. submit, to the Board, a transfer application certified by ABC Realty B. request that XYZ return his license to the Board along with written notice that he will be going to work for ABC C. advise the Board, in writing, that he is changing to ABC Realty D. have the principal broker of ABC Realty call XYZ Realty and request that his license be sent to them
A. submit, to the Board, a transfer application certified by ABC Realty
Actions constituting Improper Dealing includes: A. offering real property for sale or lease which the knowledge and consent of the owner of the property B. offering real property for sale or lease without the knowledge and consent of the owner of the property on terms other than authorized by the owner C. using the name of the firm or sole proprietorship when advertising real estate D. with the owner's consent placing a sign on the property you have listed
B. offering real property for sale or lease without the knowledge and consent of the owner of the property on terms other than authorized by the owner
Commission rates are established by: A. the code of ethics of the MLS B. the broker and the seller C. the Virginia Real Estate Board D. the local Association of REALTORS
B. the broker and the seller
Marta, a sole proprietor, is showing a property listed by another brokerage firm. Marta's client asks her to prepare an offer at 20% below the listed price and tells Marta that he is willing to pay the full price, if necessary. Marta follows the buyer's instructions and the 80% offer is accepted. Which of the following statements is true in this situation? A. when the seller accepted the offer, Marta can disclose that client would pay 20% more B. Marta is in violation of Board regulations for acting as an undisclosed dual agent C. Marta's actions are in keeping with the law of agency D. the listing broker should not have allowed the offer to be presented to the seller
C. Marta's actions are in keeping with the law of agency
Broker Mark terminated salesperson Gus because he was not generating any business and had not repaid the money Mark had advanced him. mark told Gus that he would hols his license until he reaped the advance. Gus want to go to work for another broker but cannot because Mark is holding his license. In this situation, what should Gus do? A. Sue Mark for defamation of character B. file a complaint with the Virginia Association of REALTORS C. file a complaint with the Virginia Real Estate Board D. Gus cannot do anything
C. file a complaint with the Virginia Real Estate Board
Records of transactions which a broker maintains in accordance with the Virginia license law must be kept: A. for five years fro date of closing B. for two years from date of closing C. for three years from date of closing D. in a bank insured by the FDIC
C. for three years from date of closing
A broker may place a sign on property: A. only when he has a written listing agreement B. after the first advertisement appears in the newspaper C. if he has the permission of the property owner D. when he plans to hold an open house at the location
C. if he has the permission of the property owner
As a result of an agent violating a Fair Housing Law, a minority was awarded a $20,000 judgement. The complainant, in an effort to collect, can do all of the following EXCEPT: A. force the sale of the agent's real property B. force the sale of the agent's personal property C. making application to the Board for payment from the Recovery Fund D. obtain a court order to garnish the agent's salary
C. making application to the Board for payment from the Recovery Fund
The initial purchaser of a condominium ratified his contract to purchase on 6 June. The purchaser was given the public offering statement on 10 June. The purchaser may rescind the contract, without penalty no later than: A. midnight 6 June B. midnight 10 June C. midnight 15 June D. midnight 20 June
C. midnight 15 June
Jerry, a licensed salesperson, sold a piece of property that was owned by Mike. After closing, Mike sent Jerry $700 as a bonus. Jerry accepted the check because he had done a good job and felt that the bonus was deserved. In the situation described: A. Jerry may keep the bonus if his broker approves B. there is no violation of license law, because Mike was a principal to the transaction C. this is acceptable because of the fiduciary relationship between Mike and Jerry D. Jerry has violated the Board regulations
D. Jerry has violated the Board regulations
Which of the following statements relative to the Transaction Recovery Fund is INCORRECT? A. if the fund falls below $400,000, all licensees may be assessed up to $20 to restore the Fund B. all new license applicants are assessed a fee C. if the Board allows a claim to be paid from the Fund, the respondent's license will be automatically revoked D. licensees transferring from inactive status to active status are required to pay into the Fund
D. licensees transferring from inactive status to active status are required to pay into the Fund
When a salesperson terminates affiliation with a broker, what is the salesperson required to do? A. return all customer cards to his or her employing broker B. return all listings acquired during affiliation with the broker C. mail his or her license to the Board D. nothing
D. nothing
Which of the following may NOT be required to take the entire real estate licensing examination in order to obtain a Virginia real estate license? A. a member of the state bar B. a referral agent C. a person currently licensed in another state and meets all requirements for reciprocity D. a licensed appraiser
C. a person currently licensed in another state and meets all requirements for reciprocity
A person, other than the declarant, selling a condominium is required to provide the buyer with certain disclosures. Which of the following is NOT required? A. a copy of the condo CCR's and by-laws B. a current financial statement of the condo association C. a personal credit report of the seller D. a statement of projected capital expenditures
C. a personal credit report of the seller
If the Board conducts a hearing to review the action of a licensee, the hearing will be conducted in accordance with: A. the Virginia Association of REALTORS procedures B. Roberts Rules of Order C. the Administrative Process Act D. the Virginia Supreme Court regulations
C. the Administrative Process Act
Any payments or rebates to a principal to the contract: A. may be permitted if a licensed broker is making the payment B. must be agreed upon by all parties prior to the execution of any listing or contract of sale C. must be in writing D. all of the above
D. all of the above
The Virginia Underground Utility Damage Prevention Act: A. requires the excavator to allow the required time for Miss Utility to come and mark before excavating B. requires the excavator to respect and protect the marks Miss Utility places C. requires excavators to excavate carefully D. all of the above
D. all of the above
The following electronic advertising requires disclosure to a link to the disclosure of the firm's name: A. Web page B. E-mail, newsgroups, discussion lists, and bulletin boards C. Chat sessions D. all of the above
D. all of the above
General requirements for licensure as either salesperson or broker include which of the following? A. Virginia residency of 1 year B. a degree in real estate C. U.S. Citizenship D. applicant must be at least 18 years of age
D. applicant must be at least 18 years of age
The requirement that funds be held in an escrow account does NOT apply to which of the following? A. money received as a security deposit B. earnest money deposit, if closing is scheduled in less than 10 days C. earnest money deposit of less than $500 D. referral fee received from an out-of-state-broker
D. referral fee received from an out-of-state-broker
Virginia license law does not declare a dual agency/representation to be illegal, however, if such an agency exists, the law requires that: A. disclosure is required, in writing, and must be agreed to by all parties to the transaction, prior to the commencement of dual agency or dual representation B. disclosure be made to all parties to the transaction at closing C. disclosure must be made, in writing, only to the seller D. disclosure must be made, in writing, only to the buyer
A. disclosure is required, in writing, and must be agreed to by all parties to the transaction, prior to the commencement of dual agency or dual representation
The intent of the Virginia Fair Housing Law is to: A. eliminate discrimination in housing B. prevent Federal government involvement in Fair Housing matters within the Commonwealth C. encourage development of housing specifically for the benefit of minorities D. increase revenues through monetary penalties imposed on persons who violate the Fair Housing Law
A. eliminate discrimination in housing
Hal, a licensed salesperson, obtains a listing. Several days later, while showing this same property, Hal remarks to the prospective buyers that he is the listing agent. Under the circumstances described, Hal: A. is in violation of the Board regulation for failure to properly disclose his agency B. had disclosed his agency relationship with the seller C. is in violation of Board regulations because you cannot sell your own listing D. is in violation of Board regulations because he has created a dual agency
A. is in violation of the Board regulation for failure to properly disclose his agency
Once a listing agreement is entered into between a salesperson and seller, and is accepted by the broker, an agency relationship is created between: A. the seller and the broker B. the sales agent and the seller C. the sales agent and the broker D. the seller and the sales agent
A. the seller and the broker
The Board (VREB) does NOT administer the: A. Virginia Real Estate License Laws B. Virginia Condominium Act C. Virginia Real Estate Transaction Recovery Act D. Virginia Fair Housing Law
B. Virginia Condominium Act
Claims for payment from the Virginia Real Estate Transaction Recovery Fund are filed with: A. City Council B. Virginia Association of REALTORS C. Director of Professional and Occupational Regulation D. the salesperson's broker
C. Director of Professional and Occupational Regulation
Which of the following persons may NOT obtain a license in Virginia? A. person possessing high school diploma or its equivalent B. good reputation for honesty, truthfulness and fair dealing C. applicant who meets educational requirements D. applicant who has not submitted fingerprints
D. applicant who has not submitted fingerprints
A broker may remove money from the escrow accounts in all of the following circumstances EXCEPT: a. when a court orders the broker to do so b. with written permission of all parties to the contract c. rescission of the contract by the seller d. termination of the contract, by performance
c. rescission of the contract by the seller
A broker may remove money from the escrow accounts under which of the following circumstances: a. when the buyer occupies the property b. when the seller agrees c. when the closing has been consummated d. any of the above
c. when the closing has been consummated
The account used by a broker to hold money, belonging to others, pending consummation of a real estate transaction: A. must be labeled as "escrow" with the bank hold the funds B. is identifies as a "trust" account in the broker's accounting system C. may not be the same financial institution as the broker's operation account D. must be individual accounts for each transaction
A. must be labeled as "escrow" with the bank hold the funds
Two brokers are involved in a commission dispute. Who would NOT be involved in the settlement of their dispute? A. Virginia Association of REALTORS B. Virginia Real Estate Board C. the local Association of REALTORS D. court having jurisdiction over the brokers
B. Virginia Real Estate Board
When a partnership is formed to transact real estate brokerage, which of the following is true? A. all partners must be licensed as brokers B. a separate license must be obtained fro the partnership C. any actively licensed salesperson can be a partner D. residence addresses of all employees must be submitted to the Board
B. a separate license must be obtained fro the partnership
A licensee receives a fee from a home inspection service for a referral. Such action would be considered a violation of Board regulations, unless: A. the home inspector is licensed in Virginia B. the fee is less than $25 C. the fee is disclosed, in writing, to the licensee's client D. the inspection service provides a warranty
C. the fee is disclosed, in writing, to the licensee's client
When do real estate licenses expire? A. annually, in the month issued B. every two years, in the month of the licensee's birthday C. on June 30, of each odd numbered year D. biennially, on the last day of the month in which they were issued
D. biennially, on the last day of the month in which they were issued
The Board feels that broker Jack is not properly managing his escrow account. The Board requests that a court appoint someone to administer the account while it investigates the situation. After the investigation, it is determined that Jack is innocent of any wrongdoing. Who is responsible for the expenses and fees of the court-appointed receiver? A. the court that appointed the receiver B. Jack, as a necessary expense to establish his innocence C. there will be no fees paid since Jack was innocent D. the Board, using money from its operating budget (general fund)
D. the Board, using money from its operating budget (general fund)
The Virginia Fair Housing Law is more restrictive than the Federal Law in that it prohibits discrimination in housing on the basis of: A. marital status B. elderliness C. sex D. age
B. elderliness
Each real estate company in Virginia is required to: A. display the licenses of all persons affiliated with that office B. keep records for a period of three years C. keep records of all transactions for a period of five years D. have at least one telephone and desk for each licensee
B. keep records for a period of three years
A written offer is presented and rejected by the seller. The seller counters and the buyer accepts the counteroffer. When is the broker required to provide the parties with copies of the paperwork? A. within 24 hours B. promptly, after obtaining proper acceptance by all parties C. after the broker has proofread the documents D. at closing
B. promptly, after obtaining proper acceptance by all parties
The objective of the Virginia Fair Housing Law is to: A. discipline and fine anyone in violation of the law B. protect and ensure the welfare of the general public C. provide fair compensation for landlords D. establish the guidelines under which testers operate so as not to create an allowable defense of entrapment
B. protect and ensure the welfare of the general public
Which of the following is an illegal act under the Virginia Fair Housing Law? A. allowing certified service animals in where there is a no pet policy B. representing that the property is not available when it is C. allowing reasonable modification to a property D. using income standards to deny a tenant
B. representing that the property is not available when it is
The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: A. $800,000 B. $700,000 C. $600,000 D. $400,000
D. $400,000
The buyer of a property located in a POA has how many days to resend the contract? A. 10 days after receiving the association disclosure packet B. 7 days after receiving the association disclosure packet C. 48 hours after receiving the association disclosure packet D. 3 days after receiving the association disclosure packet
D. 3 days after receiving the association disclosure packet
When the Board receives a complaint for violation of a Fair Housing Law, the Board must initiate their investigation of the complaint within: A. 10 days B. 15 days C. 20 days D. 30 days
D. 30 days
Alice, a broker, has decided to open her own brokerage business. Jane, an insurance broker, has agreed to provide most of the capital for this operation and share in any profits. Jane will be the senior partner by virtue of her financial support. Such an arrangement: A. is illegal because Jane has no experience in real estate B. is legal as long as Jane does not engage in acts of brokerage C. is illegal because all partners in a real estate partnership must be licensed as brokers D. is legal, technically, but the Board could take action against Alice if they were to learn of the arrangement
B. is legal as long as Jane does not engage in acts of brokerage
Any person appointed to the Real Estate Board, serves for: A. five years B. four years and may serve for two addition four-year terms C. four years and may serve for one additional four-year term D. seven years, like Supreme Court Justices
C. four years and may serve for one additional four-year term
Jill is a licensed salesperson and selling he own townhouse. She advertises her townhouse. She advertises her townhouse as a FSBO as follows: "Beautiful, 4-bedroom townhouse. Excellent assumption. Single females only. Call 600-0000 for details. Owner is licensed". Which of the following statements is true? A. Jill is subject to disciplinary action for violating Board regulations B. Jill is in compliance with Board regulations because she disclosed her license status C. Jill has not violated Fair Housing Laws because they do not apply to marital status D. Jill is not subject to Virginia License Law because she is acting in a personal capacity, not as a professional
A. Jill is subject to disciplinary action for violating Board regulations
The Board will allow a claim to be filed for payment from the Transaction Recovery Fund in all of the following instances, EXCEPT: A. if the claimant has obtained a judgement and taken all legal actions necessary to recover the loss B. when there is less than $400,000 in the fund C. if the claimant is a licensee D. when there are more than three claims filed against the same regulant in the same transaction
C. if the claimant is a licensee
If an associate broker transfers from one broker to another, the former broker: A. must return the license of the affiliate upon consummation of all transactions initiated by the affiliate B. may delay or prevent transfer by holding the license of the affiliate C. must sign the license, indicate date of termination, and return the license to the Board within ten calendar days of termination D. must advise the new broker of any pending litigations that involve the affiliate
C. must sign the license, indicate date of termination, and return the license to the Board within ten calendar days of termination
Bob owns a rental property for which he is receiving $800 per month. He asks his friend, Al, a licensed salesperson, to manage and negotiate leases for the property and will pay Al any amount in excess of the $800 as the management fee. May Al accept this listing? A. only if the fee is expressed, in the listing, as a fixed amount or a percentage of the rental income B. yes, provided that Al's license is active C. no, unless it is handled through his company and principal broker D. only if the gross rental is disclosed to Al
C. no, unless it is handled through his company and principal broker
A broker's license could be revoked for which of the following reasons? A. disclosing to a purchaser, the structural defects in the house B. informing the seller of "straw man" quoting a buyer the price of property, other than the listed price C. quoting a buyer the price of property, other than the listed price D. showing property to a minority person in all-white neighborhood
C. quoting a buyer the price of property, other than the listed price
Janice, the principal broker for ABC Realty, lists a property. Janice offers Mary, a salesperson with 123 Realty, a portion of the commission if she can sell the property. Mary, representing a buyer, sells the property and Janice pays Mary per their agreement. The amount of the payment was not disclosed to either buyer or seller. Which statement is true? A. Mary is guilty of accepting valuable consideration from someone other than her employing broker B. Janice is guilty of paying valuable consideration to another person for an act of brokerage C. there is a violation of Agency Law D. the broker's financial agreement must be disclosed
C. there is a violation of Agency Law
What is the greatest risk when a licensee assists a family member with the purchase of real property: A. an unpleasant experience which might jeopardize the relationship B. the family member might request a share of the commission C. there is the potential of creating an undisclosed dual agency D. it would be possible to treat all parties fairly
C. there is the potential of creating an undisclosed dual agency
Under the Virginia Property Disclosure Law, no cause of action shall arise against an owner or a real estate licensee for failure to disclose that the real property as the site of: A. an occurrence which had no effect on the physical structure of the real property B. an occurrence which had no effect on the physical improvements C. a homicide, felony, or suicide D. all of the above
D. all of the above
A broker has received an earnest money deposit to support a valid contract. If the contract is breached and does not close, the broker is required to hold the escrow funds until: A. the non-defaulting party threatens legal action B. the buyer requests the deposit be returned C. the broker receives notice of the breach of contract from an attorney D. he or she advises all parties to the contract the intended distribution of the funds and no protest is received within 15 days of notification
D. he or she advises all parties to the contract the intended distribution of the funds and no protest is received within 15 days of notification
Cathy had just started to work as a salesperson and on her first day on the job she obtained an exclusive listing. Although she was very excited, she was also nervous because she wanted to make certain that she filled out the listing agreement properly. Which of the following is NOT required when filling out the listing agreement? A. including the total commission that the seller will pay B. establishing a definite date that the listing will expire and indicate that date on the listing C. providing the seller with a copy of the listing D. including the net amount that the seller wants to receive from the sale
D. including the net amount that the seller wants to receive from the sale
In Virginia a licensed salesperson can represent a broker other than his or her principal broker under which of the following circumstances? A. with the permission of his or her sales manager B. with the written consent of the brokers being represented C. with the permission of the Association of REALTORS D. none of the above
D. none of the above
If it is impossible for the Board to compete an investigation of a Fair Housing complaint within 100 days, a letter or explanation as to why the reason for non-completion must be sent to the complainant and respondent. However, under no circumstances can the investigation go beyond: A. 120 days B. 180 days C. 9 months D. one year
D. one year
A broker would be in violation of the Virginia Fair Housing Law for commission of which of the following acts? A. refusing to list a commercial property owned by a person for a particular minority group B. hiring office personnel on the basis of sex regardless of qualifications C. placing ads, printed in a foreign language D. taking listing with the intent to change the racial makeup of the neighborhood
D. taking listing with the intent to change the racial makeup of the neighborhood
A real estate brokerage partnership could be formed by: A. three licensed real estate salespersons and an unlicensed person who is not involved in the real estate brokerage business B. A licensed broker and a licensed appraiser who is also licensed as a salesperson C. one licensed broker and one licensed salesperson D. two licensed real estate brokers
D. two licensed real estate brokers